Mako Mining (MKO) Q1 2025 earnings summary

Executive summary

• Achieved record mine operating cash flow of $19.9 million, adjusted EBITDA of $16.1 million, and net income of $9.4 million for Q1 2025, driven by strong gold sales and the Moss Mine acquisition.

• Sold 10,817 oz of gold at an average price of $2,915/oz, with consolidated revenue of $31.8 million, up from $19.2 million in Q1 2024.

• Completed the acquisition of the Moss gold mine in Arizona, consolidating its results into Q1 2025.

Financial highlights

• Revenue increased to $31.8 million in Q1 2025 from $19.2 million in Q1 2024, a 65% year-over-year rise.

• Adjusted EBITDA rose to $16.1 million from $9.2 million year-over-year.

• Net income reached $9.4 million, with EPS of $0.12/share.

• Cash cost per ounce sold was $1,239 and AISC was $1,411; excluding Moss acquisition effects, these would be $1,037 and $1,225, respectively.

• Trailing twelve months ROE was 47.5% and ROA was 30.9%.

Outlook and guidance

• Cash and receivables at the end of May 2025 totaled $22.0 million, with $3.3 million in restricted cash, half of which will be released in June.

• Cash position will support development of the Eagle Mountain project in Guyana, expected to be permitted for construction by Q2 2026.

• A new mining contractor for Moss will be mobilized to restart operations in June 2025.